The Full Retirement Age (FRA) for Social Security is the age at which you are eligible to receive 100% of your Primary Insurance Amount (PIA), which is your full Social Security benefit. For anyone born in 1960 or later, your Full Retirement Age for Social Security is 67.
Understanding Full Retirement Age (FRA)
Your Full Retirement Age is determined by the year you were born. It's a crucial age because it impacts the amount of monthly Social Security benefits you will receive throughout your retirement. Claiming benefits before your FRA results in a permanent reduction, while delaying benefits past your FRA can increase your monthly payment through delayed retirement credits.
Here's a detailed breakdown of the Full Retirement Age by birth year:
| Year of Birth | Full Retirement Age (FRA) |
|---|---|
| 1937 or earlier | 65 years |
| 1938 | 65 years and 2 months |
| 1939 | 65 years and 4 months |
| 1940 | 65 years and 6 months |
| 1941 | 65 years and 8 months |
| 1942 | 65 years and 10 months |
| 1943-1954 | 66 years |
| 1955 | 66 years and 2 months |
| 1956 | 66 years and 4 months |
| 1957 | 66 years and 6 months |
| 1958 | 66 years and 8 months |
| 1959 | 66 years and 10 months |
| 1960 or later | 67 years |
Why FRA Matters for Your Benefits
Knowing your FRA is essential for making informed decisions about when to claim your Social Security benefits:
- Claiming at FRA: If you wait until your Full Retirement Age to claim benefits, you will receive 100% of your earned benefit amount.
- Claiming Early: You can start receiving Social Security benefits as early as age 62. However, claiming before your FRA results in a permanent reduction in your monthly benefit amount. The earliest you can claim, the greater the reduction.
- Claiming Late: You can choose to delay claiming benefits past your FRA, up until age 70. For each month you delay past your FRA, your benefit amount increases through "delayed retirement credits," up to a maximum of 8% per year. This can significantly boost your monthly payment.
For personalized information about your specific benefits and Full Retirement Age, it's always recommended to consult the official Social Security Administration (SSA) resources. You can learn more about retirement benefits on the Social Security Administration's website.
